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Posted on Jul 13, 2024

Anderson Publishing's Work Sheet For Year Ended December 31, 20-- Income Income 1 Balance Sheet Balance Sheet Statement Statement 2 Account Name Debit Credit Debit

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Anderson Publishing's Work Sheet For Year Ended December 31, 20-- Income Income 1 Balance Sheet Balance Sheet Statement Statement 2 Account Name Debit Credit Debit Credit 3 Cash 100,000.00 4 Accounts Receivable 114,050.00 5 Publishing Supplies 1,480.00 6 Merchandise Inventory 15,000.00 7 Prepaid Insurance 2,000.00 8 Publishing Equipment 42,250.00 9 Accumulated Depreciation, Publishing Equipment 16,900.00 10 Accounts Payable 5,562.00 11 Unearned Subscription Renewals 9,050.00 12 J. Anderson, Capital 218,450.00 13 J.Anderson, Drawing 48,000.00 14 Magazine Sales 125,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 18 Purchases Returns and Allowances 4,500.00 19 Purchases Discounts 9,000.00 20 Freight In 7,500.00 21 Salaries Expense 57,825.00 22 Rent Expense 9,600.00 23 24 Income Summary 16,325.00 15,000.00 25 Depreciation Expense, Publishing Equipment 8,950.00 26 Insurance Expense 2,800.00 27 Salaries Payable 1,113.00 28 Publishing Supplies Expense 370.00 29 Total $173,795.00 $245,500.00 $322,780.00 $251,075.00 Required: 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital? ASSETS REVENUE 111 Cash 411 Sales 113 Accounts Receivable 412 Sales Returns and Allowances 114 Merchandise Inventory 413 Sales Discounts 115 Publishing Supplies 414 Rent Income 116 Prepaid Insurance 124.1 Accumulated Depreciation, Publishing Equipment EXPENSES 130 Land 500 Cost of Goods Sold 511 Purchases LIABILITIES 512 Purchase Returns and Allowances 212 Accounts Payable 513 Purchases Discounts 214 Sales Tax Payable 514 Freight-in Insurance Expense 215 Salaries Payable 533 235 Notes Payable 537 Publishing Supplies Expense 250 Unearned Rent 538 Utilities Expense 541.1 Depreciation Expense, Publishing Equipment EQUITY 551 Advertising Expense 311 J. Anderson, Capital 621 Salaries Expense 312 J. Anderson, Drawing 622 Payroll Tax Expense 313 Income Summary 627 Rent Expense 628 Property Tax Expense 631 Miscellaneous Expenses Interest Expense 810 PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 May 1 3 4 5 6 7 8 9 10 11 12 13 Final Questions 2. Determine the net income for the year. Net Income 3. What is the amount of the ending capital? Ending Capital $ Anderson Publishing's Work Sheet For Year Ended December 31, 20-- Income Income 1 Balance Sheet Balance Sheet Statement Statement 2 Account Name Debit Credit Debit Credit 3 Cash 100,000.00 4 Accounts Receivable 114,050.00 5 Publishing Supplies 1,480.00 6 Merchandise Inventory 15,000.00 7 Prepaid Insurance 2,000.00 8 Publishing Equipment 42,250.00 9 Accumulated Depreciation, Publishing Equipment 16,900.00 10 Accounts Payable 5,562.00 11 Unearned Subscription Renewals 9,050.00 12 J. Anderson, Capital 218,450.00 13 J.Anderson, Drawing 48,000.00 14 Magazine Sales 125,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 18 Purchases Returns and Allowances 4,500.00 19 Purchases Discounts 9,000.00 20 Freight In 7,500.00 21 Salaries Expense 57,825.00 22 Rent Expense 9,600.00 23 24 Income Summary 16,325.00 15,000.00 25 Depreciation Expense, Publishing Equipment 8,950.00 26 Insurance Expense 2,800.00 27 Salaries Payable 1,113.00 28 Publishing Supplies Expense 370.00 29 Total $173,795.00 $245,500.00 $322,780.00 $251,075.00 Required: 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital? ASSETS REVENUE 111 Cash 411 Sales 113 Accounts Receivable 412 Sales Returns and Allowances 114 Merchandise Inventory 413 Sales Discounts 115 Publishing Supplies 414 Rent Income 116 Prepaid Insurance 124.1 Accumulated Depreciation, Publishing Equipment EXPENSES 130 Land 500 Cost of Goods Sold 511 Purchases LIABILITIES 512 Purchase Returns and Allowances 212 Accounts Payable 513 Purchases Discounts 214 Sales Tax Payable 514 Freight-in Insurance Expense 215 Salaries Payable 533 235 Notes Payable 537 Publishing Supplies Expense 250 Unearned Rent 538 Utilities Expense 541.1 Depreciation Expense, Publishing Equipment EQUITY 551 Advertising Expense 311 J. Anderson, Capital 621 Salaries Expense 312 J. Anderson, Drawing 622 Payroll Tax Expense 313 Income Summary 627 Rent Expense 628 Property Tax Expense 631 Miscellaneous Expenses Interest Expense 810 PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 May 1 3 4 5 6 7 8 9 10 11 12 13 Final Questions 2. Determine the net income for the year. Net Income 3. What is the amount of the ending capital? Ending Capital $